Saturday, October 1 2022

A luxury condominium tower in River Oaks has completely sold residences with sales totaling $70 million, a sign that there is still demand for high-end condos despite signs of a cooling Houston real estate market.

Real estate firm Douglas Elliman announced the sale Monday of the boutique condo project, The Revere at River Oaks, a 30-unit community developed in 2019 by Pelican Builders and designed by Kirskey Architects. Typical homes in the development have sold for between $1.66 million and $3.195 million, according to the Houston Association of Realtors, and units range in size from 2,381 to 3,711 square feet.

The 9-story project at 2325 Welch Street is Douglas Elliman’s first condominium project to sell out completely in Texas since entering the market a few years ago, the company said.

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“It is incredibly satisfying to see this magnificent building come to life with new owners and families after years of hard work by the Pelican Builder team and our many partners,” said Susan de França, CEO of Douglas. Elliman Development Marketing in a press release. “The Revere has been extremely well received from the start, and we are delighted to celebrate this milestone.”

The sale comes amid a drop in condo and townhouse sales in metro Houston, as the housing market hurts from rising mortgage rates and inflation. In June, condominium and townhouse sales fell for the first time in two years, falling 15.3%, according to the Houston Association of Realtors. However, median prices for condos and townhouses hit an all-time high of $220,000, according to HAR.

Jim Jacobson, senior vice president, Douglas Elliman Development Marketing, Western Region, consistently described Houston’s condo market as “stable” in 2022, driven by heavy migration that continues to push prices to new highs. peaks.

“Texas is a strong market that attracts buyers from across the country,” Jacobson said. “When it comes to the health of the condo market, younger or slightly older buyers with younger buyer aspirations don’t necessarily want to own or care for a bigger home. Condominiums offering highly appointed lifestyles meet these demands.

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The Revere at River Oaks is meant to bring a New York-style condominium experience to Houston with its stately aesthetic and curated artwork throughout the common areas. Each residence offers stunning skyline views, ceiling heights of up to 11 feet, spacious balconies, sprawling interiors, 7-inch-wide hardwood floors, fireplaces with limestone surrounds, oversized master bedroom closets, oversized balconies and kitchens with Wolf and Sub-Zero appliances and wood-Mode cabinetry.

Building amenities include a 24/7 concierge, a fitness center with cardio machines, a private lounge equipped with comfortable furnishings, a service island and a flat-screen TV, an emergency generator to power the common areas in the event of a breakdown and all residences include two reserved parking spaces.

“The Revere has been a huge success due to its River Oaks location and boutique offerings,” said Derek Darnell, president of Pelican Builders. “With only 30 residences, the limited supply combined with DEDM’s powerful team…(and) the architectural style was a good fit for The Revere’s clientele.”

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